The American shopping spree is losing steam ...Middle East

(CNN) — It’s becoming tougher and tougher for Americans to carry on with their spending spree. Years of elevated inflation and the highest interest rates in almost a quarter century are wearing out the US consumer. Savings accumulated during the Covid-19 pandemic are drying up, borrowers continue to rack up debt and delinquencies are marching higher. Retailers say shoppers are fed up with rising prices and are changing their purchasing behavior. Americans power economic growth with their spending, and they’re being buffeted from every direction. US consumers unleashed a tsunami of demand when the economy ascended from pandemic depths. That momentum persisted last year as Americans gladly o

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Last updated : 05 June 2024 clock 07:41 AM

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The American shopping spree is losing steam ...Middle East

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